TRIANGLE ELDERLY HOUSING CORPORATION

EIN: 272090858 501(c)(3) Housing & Shelter

SMITHFIELD, NC

Total Revenue
$590,646
Total Expenses
$558,874
Total Assets
$1,846,070
Net Assets
$-642,803
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
NC
Principal Officer
JIMMY PARKER
Phone
9199346066
Tax Period
2023-01-01 to 2023-12-31

TRIANGLE ELDERLY HOUSING CORPORATION, founded in 2011, is a small nonprofit in the Housing & Shelter sector that reported $591K in total revenue in fiscal year 2023. Revenue decreased 5% compared to the prior year. Expenses of $559K left a modest 5% surplus.

Mission

IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $287,958
Program Service Revenue $302,239
Investment Income $449
Other Revenue $0
TOTAL REVENUE $590,646

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $494,681
Other Expenses $558,874
TOTAL EXPENSES $558,874

Year-over-Year Comparison

2023 2022 Change
Revenue $590,646 $622,913 -0.1%
Expenses $558,874 $604,014 -0.1%
Net Income $31,772 $18,899 +0.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
3
Independent Members
3
Employees
6
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$0
Total Directors
3
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LEE BYRD SECRETARY/TR N/A
Officer Director
$0 $0 $0
JIMMY PARKER CHAIR N/A
Officer Director
$0 $0 $0
STEVE STRICKLAND VICE CHAIR N/A
Officer Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $590,646 $558,874 $1,846,070 $31,772
2022 $622,913 $604,014 $1,845,868 $18,899
2021 $612,226 $599,583 $1,890,092 $12,643
2020 $607,452 $622,380 $1,929,239 $-14,928
2019 $606,462 $617,453 $1,990,538 $-10,991
2018 $598,362 $595,263 $2,080,217 $3,099
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